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... I ... that meeting European ministers today with the details of ... the latest threat proposal ... for agrees with ability to lead Dow ... and the market to jump higher ... Charles Forelle was in Europe was outside in Brussels tells about it ... what what we learned last couple hours ... we have a lot more clarity on what the euro zone wants to do to you on to rescue Greece into Treader prevent contagion from spreading into other countries like Spain Italy ... I'm there's a draft plan on its able to involve giving the euro cents B pillar find a lot more hours just to intervene on secondary markets also to lend money to countries that are not yet in trouble ... on the other large pieces that it seems like Greece will get some sort of new financing coupled with the theme for private sector creditors this is probably going to lead to a default of Greece ... under the first to fall to the history of the eurozone so it's it's a lot of stuff going on right there ... this isn't the first of all this year ... we have been hearing from month to month to month that they will not be a default that there can be a default ... now it seems like the Europeans are acknowledging there will be a default ... yes there can be a default I knew that are switching to saying that assuming it to be very short defaults Only default on a certain number of ... our bonded issues those that are ... on maturing in the coming years as the rating agencies are likely to place that the country in a pickle selective default ... I mean and while it works out its problems hopefully not for very long ... aam but it is a default an event that appears to be ... aam ... among the options it on the table is a path that does lead to default ... her ... that's the case you were hoping that this fall Charles Lomb and we're also hearing to that ... in some of that the terms that ... that snow White agrees they then applied Ireland Portugal ... why is the murals is the isthe are assumed to be so strong today ... well it is ... clarity and in the European leaders are meeting here in the building or am I now ... have been dithering for a long time on exactly how they're going to approach ... Greece the markets have been nervous that ... they wouldn't come up with a solution and and they have come it appears that were still in draft form now ... but it appears they have come up with something Middle East advances the ball a little bit and um what what markets have long ... accepted that Greece is not to be able to pay back its debts and if you look at any ... time the indicators that investors believe the Greece the faults of that piece of it is not ... a terrible shock to anyone in fact that ... the renewed confidence from the sense of the year is the news is moving forward seems to be let's look at markets and seems to me really and the move in Europe feature that can get these things ... my question is ... you know the all the headlines for headlines in the ... private sector would have a quote unquote menu of options for how they're going to participate in this ... how much pain he think we're looking at for the private sector ... it's unclear that's being debated in in one of the big rooms upstairs from me right now I'm ... it ... was Islam emerging as a likely option is some form of bond exchange and private investors to have bonds maturing in the next several years ... swap them for bonds with lower eyelid with longer maturities of our coupons and possibly last face value ... um and in in those are all variables that can be adjusted you can have ... a larger discount to face value can have lower interest rate Lord DuPont's is as yet UDN un clear ... exactly that renders the bond exchange ... but it will be an extraordinary amount ... of pain for the private sector ... is the Europeans do not want across the Taiwan Institute of banking crisis ... in terms of the stability fund it seems like it may mean a lot more ... a lot more of ... catch ... then stores the data come from ASEAN in well with most in Germany to commence immediately I was about a bank tax nets off the table right ... exec seized on data that's not happening the European Financial Stability de Decisions abilities facility ... on the recently upgraded it to give it four hundred and forty billion euro worth of the lending capacity ... on the DVD of that so that it would be sufficient to cover for the next couple years barring a sustained in addition to Greece Ireland Portugal if it came to that ... soon already has been enhanced at least part of the way ... if we move on to say Italy that's an entirely different can of worms in something the need to be done but at least in the in the short term ... I'm in the recent augmentation is given it enough to to cover financing needs of those countries for couple of years ... let's get back to it so ... it appears that of unbilled CBD tunes for this morning in your up Wilson of a short-term fix things that the market really can only concentrate on things that you know today tomorrow